Sustainable Finance Key To Nigeria’s Economic Transformation – NGX
BY CHINYERE OBIORA, LAGOS – The Nigerian Exchange Limited (NGX) has identified sustainable finance as a key transformative tool for reshaping the Nigerian economy for growth and development.
The Divisional Head of Capital Markets, Nigerian Exchange Limited (NGX), Mr Jude Chiemeka, said sustainable finance is not merely a buzzword but a transformative force that has the ability to shape Nigeria’s economy and society for the better.
Speaking at the Investor Engagement session organised by NGX and the Global Reporting Initiative (GRI) with the theme; “Empowering Responsible Investing – ESG Disclosure”, Chiemeka noted that the exchange recognizes the power and potential of responsible investing and has wholeheartedly embraced this vision while also taking concrete steps to contribute towards advancing responsible investment practices.
The NGX’s Divisional Head, who emphasized the important role of GRI in shaping the global sustainability reporting landscape, said the Exchange partnership with GRI on the engagement session aimed at further educating the investor community on incorporating (Environmental, Social, and Governance (ESG) data into decision-making
He further said; “Through their work, they have paved the way for greater accountability and responsible business practices. We laud their dedication and unwavering commitment to building a more sustainable future.”
Also delivering the keynote address at the event, the Special Adviser to the Central Bank of Nigeria (CBN) Governor on Sustainable Banking, Dr Aisha Mahmood highlighted the apex Bank’s efforts in enabling sustainable banking in the country via regulatory enforcement of ESG disclosures for banks.
She also noted that the CBN was reviewing the Nigerian Sustainable Banking Principles to incorporate climate risk reporting for the banking sector.
On his part, the Director, GRI Africa, Mr Douglas Kativu, represented by Manager, GRI Africa, Tendai Matika, stressed on why ESG information mattered to investors, advising companies to prepare their disclosures in line with the GRI standards.
Kativu said, “As a general rule, investors want to understand what the major ESG risks and opportunities facing a business are, including how the firm measures and monitors these factors among others.”
Also speaking, the Divisional Head, Business Support Services Division and General Counsel, NGX, Mrs Irene Robinson-Ayanwale reiterated NGX’s commitment to fostering responsible investing and sustainable finance by driving conversations, creating innovative products, and developing strategic partnerships which can contribute to building more sustainable and resilient economy.
Robinson-Ayanwale said; “In line with our commitment, NGX is currently working on an ESG Program rollout that will further help companies manage material ESG risks and leverage the opportunities that will be created.
“Additionally, we are developing the NGX Carbon Plus initiative, which will recognize companies that demonstrate their commitment to reducing their carbon emissions with practical and impactful projects. Through this initiative, we aim to galvanize sustainable action and contribute to mitigating the challenges posed by climate change.”
